Earlier today, Paul Ryan accomplished something Republicans have wanted him to do for years. The House passed a massive tax reform bill that many believe will be the most substantial tax cut since Reagan.
From The Hill:
The House on Tuesday approved the final version of the GOP’s bill to overhaul the U.S. tax code, bringing Republicans closer to getting their first big legislative win with full control of government.
The tax measure easily passed by a vote of 227-203. Just 12 Republicans joined with all Democrats in opposing the bill.
However, slowly after we learned this information. Things hit a small snag. The House is going to have to re-vote on this bill.
The House is expected to have to vote again Wednesday on Republicans’ sweeping tax legislation after several provisions were ruled out of order in the Senate.
However, it is not likely to stop the momentum for long, with the legislation still on track to be delivered to President Donald Trump this week. The Senate is expected to vote on the bill Tuesday night after striking the provisions, which relate to expanding tax-advantaged college savings accounts and taxing college endowments.
The bill was hung up by the parliamentary process and the Senate made 2 changes that the House needs to re-vote on.
From Business Insider:
The House will be forced to vote for a second time on the GOP tax bill because a Senate rule forced Republicans to change it hours after leaders celebrated what appeared to be a massive legislative victory.
The House on Tuesday voted to pass the version of the tax bill that came out of the bicameral conference committee, appearing to pave the way for the Senate to pass it later in the night.
But three pieces of the bill, the Tax Cuts and Jobs Act, were deemed to violate the so-called Byrd rule and must be removed before the Senate can vote on the legislation.
Shouldn’t be a big deal and this thing is going to get done soon.
There’s some debate as to whether or not this tax bill is as strong as it can be. However, it’s going to cut taxes for a lot of people and it will be rocket fuel for the economy. A robust economy lifts all boats and the Democrat opposition to this bill really isn’t based in reality.
They just hate to see rich people keep their money in any scenario.
The reality here is that the middle class will benefit from this plan.
Middle-class Americans will get $122.6 billion in tax cuts in 2019 under the Republican tax plan likely to win Congressional approval this week, according to an analysis released Monday by the Joint Committee on Taxation.
That means that the American middle-class will get around 47 percent of the $259.5 million in individual and business tax cuts for 2019.
Households earning between $40,000 and $200,000 make up around half of all American households, according to JCT data. Pew Research defines the American middle class for a family of three as running from $42,000 to $125,000 of pretax income. The JCT data do not break out data between $100,000 to $200,000, so its impossible to narrow the range without excluding many middle-income Americans.
Don’t buy the spin from the left. This bill is more good than it is bad.
[Note: This post was written by Andrew Mark Miller]